Things haven’t been easy for millennials. More are enrolling in college, but just 63% are employed and a third are living at home with parents, according to a Pew Report released earlier this year.

Budgets may be tight, but at more than 80 million strong and spending $1 trillion annually in aggregate, millennials are still a powerful buying force, at least in three specific areas: technology, apparel and food.

In a recent survey, 53% of millennialsranked technology as their top passion. Computer and electronic stores were ranked among their top five spending categories.

Jason Dorsey, chief strategy officer at the Center for Generational Kinetics, said mobile phones reflect the level of status for millennials — those between ages 18 to 35. He calls mobile technology -- like the smartphones and tablets offered by the likes of Apple, Samsung and others -- the new "gateway purchase" that lets young people show they have money to spend.

It’s no secret that millennials are tech-savvy. But they especially love technology that meets their emotional needs, said Jeff Fromm, executive vice president of advertising agency Barkley and co-author of Marketing to Millennials: “Useful is the new cool,” he said. Brands incorporating technology to user experience, like , and , have been popular among the demographic.

Broadly, Generation Y looks for ways to get the most bang for their buck, said Kit Yarrow, a professor at Golden Gate University. And they spend more on technology because millennials feel they get more for their money when investing in these products.

Yarrow, a co-author of Gen Buy, noted millennials have a different sense of ownership than other generations; they want flexibility and newness, but they aren’t necessarily looking for forever things.

“I think their use of technology has taught them that new is better,” Yarrow said. “They don’t want to get too committed to something.”

The same philosophy is also fueling millennials’ retail purchases. A 2012 survey of millenials by found 47% of females and 38% of males reported shopping for clothes more than twice a month.

Having grown up during a period of unprecedented prosperity across the country, Yarrow said many millennials have been indulged with luxury products and more turnover in their wardrobes. “I think that what you learn as a kid kind of becomes your values as an adult, so this generation really knows luxury and quality, and that’s what they want,” she said.

Brand preferences, even within the same product category, vary within millennials. Fromm said while Nike is popular among those without children, , and are making a resurgence among the older Gen Y with children.

In general, though, millennials want to participate in creating products, customer experience and marketing. That’s why companies encouraging this participation, such as eyeglass company Warby Parker, have wooed Gen Y, he added.

But with tight wallets come tough choices. Roy Spence, co-founder of Austin-based advertising firm GSD&M, pointed to a dichotomy in how millennials spend: By turning to affordable companies for many purchases, they conserve their spending firepower for brands that offer something distinctive and valuable.

BCG partner Christine Barton echoed that sentiment, noting that millenials are trading down in less important categories to afford trading up in areas that matter. For instance, they're spending the bulk of their apparel budget at off-price retailers like and Marshall's while at the same time going to high-end stores like and specialty chains like for items they care about. More traditional department stores like , J.C. Penney and are left in the middle, often missing out on the millennial traffic.

Gen Y is making similar decisions on food. Millennials are dining out more than any other generations, eating out 3.39 times a week on average according to a 2011 report from Edelman digital, and show an appetite for a broader variety of nourishment.

“They really want more exciting, more interesting, more adventurous food,” said Yarrow. It isn't all fancy meal and costly tabs, though.

In order to branch out their taste buds and enjoy high-end dining experiences, milennials are increasingly going after affordable fast and casual restaurants like Chipotle Mexican Grill and Wingstop.

Still, the group’s buying habits may not differ so drastically from those of other generations. They’re still purchasing big-ticket items, Dorsey said — they're just doing so later than other generations.

What millennials purchase, he said, is largely influenced by where they are socioeconomically. Those who are making less money tend to spend on basic needs, with occasional splurges on small lifestyle purchases that show some level of achievement or uniqueness. As they move up the ladder, though, they make traditional purchases like cars and houses.

With marriage and kids, millennials begin to make decisions differently, looking ahead and thinking about security.

“You tend to become more and more responsible simply because you are putting yourself in a situation where you have to be,” Dorsey said.